New Mexico Cannabis Market
New Mexico Joins the Flurry of 2021 Adult-Use Legalization
Adult-use legislation that had previously stalled in New Mexico, was approved on March 31 — within hours of the New York legislation passing — in a special session called by Governor Michelle Lujan Grisham.
After much anticipation, the governor signed the bill into law on April 12, making New Mexico the 17th state to legalize adult-use cannabis.
No later than September 1, 2021, the New Mexico Cannabis Regulatory Advisory Committee is scheduled to accept and begin processing license applications for cannabis producers, cannabis producer microbusinesses, and medical licensees.
Retail sale of commercial cannabis is slated to begin no later than April 1, 2022.
Contact our team of experts now to best position yourself for success in New Mexico’s adult-use market.
Cannabis Business Guidance for New Mexico
With details yet to come, careful business planning and early license application preparation are critical steps to take now.
Market Conditions in New Mexico
This latest cannabis program progress in the Land of Enchantment builds on the extensive expansion of the current medical marijuana program that Governor Grisham spurred in 2019.
Total cannabis sales are projected to top $570 million by 2024, with $429 million in adult-use. Medical marijuana is projected to grow from $106 million in 2018 to $141 million during this span.
Source: Arcview/BDS Analytics "The State of Legal Cannabis Markets" 8th edition.